FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 8/5/2019 - Bottom rebound signal, look for short ter mbuy signal

InvestorsDoctor
Publish date: Wed, 08 May 2019, 10:24 AM
InvestorsDoctor
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8/5/2019
 
*FCPO Jul 19*
 
Previous Close: 2040 +56
 
FCPO jumped nearly 3% yesterday on bullish MPOB survey and declining production as reported by Sppoma. Related edible oils continue to rebound this morning, FCPO likely to test resistance 1st.
 
Hourly chart formed a bullish island reversal pattern, which is also a rebound from RSI oversold, close above 2040 to trigger more upside.
 
*Classic Support & Resistance* 
Resistance:  2137 2179
Support:   1940 1900
 
 *Recommend Trading Plan for the day:* 
1. Buy 2043, stop 2033, profit 2053/2063/2073
2. Look for sell signal below 2000
 
 *FCPO Margin Requirement* 
Overnight  MYR 4000
 
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